Vard lands S$54m contract to design and build two vessels

SINGAPORE - Mainboard-listed Vard Holdings, which designs and build specialised ships, announced on Thursday (Sept 22) that it has secured a contract for the design and construction of two additional module carrier vessels for Topaz Energy and Marine.

The aggregate contract price is close to US$40 million (S$54.45 million), Vard said.

The vessels are sister ships of a series of 15 identical vessels previously contracted by Topaz for delivery from Vard's shipyards in Tulcea and Braila in Romania, and Vung Tau in Vietnam. They will be operated by Topaz through a consortium led by Blue Water Shipping.

Delivery of both vessels is scheduled in the second quarter of 2018.

Topaz Energy and Marine is an offshore support vessel company providing marine solutions to the global energy industry with primary focus on the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico.

Topaz is a subsidiary of Renaissance Services SAOG, a publicly traded company on the Muscat Securities Market, Oman.